Cryptocurrency Investors in the Dark: 60% Don’t Understand Blockchain Technology

The world of cryptocurrency is a complex and often confusing place, even for those who have invested in it. A recent survey by language-learning company Preply has shed light on the knowledge gap among US cryptocurrency investors, revealing that a staggering 60% of respondents do not understand blockchain technology.

Lack of Understanding Hinders Adoption

The survey, which polled 1,001 people living in the US, found that three in five respondent investors were unclear about the blockchain, a distributed database or ledger shared among a computer network’s nodes. This lack of understanding is a significant barrier to the adoption of cryptocurrency, as investors are less likely to invest in something they do not fully comprehend.

Blockchain technology is the backbone of cryptocurrency, but many investors don’t understand it.

Crypto Curiosity: Top-Searched Terms in the US

The survey also delved into the most-searched crypto-related terms in all 50 states and 181 of the US’s biggest cities. The top-searched terms were DAO (Decentralised Autonomous Organisation), DEX (Decentralised Exchange), and ICO (Initial Coin Offering). Interestingly, there was a stronger curiosity about crypto acronyms and abbreviations than full words and phrases.

Crypto-related search terms vary by state, but DAO, DEX, and ICO top the list.

State-by-State Crypto Interest

Florida, Washington, and California were the states with the most people searching for cryptocurrency words and phrases. This suggests that these states are hubs for crypto enthusiasts and investors.

Florida, Washington, and California lead the way in crypto interest.

Room for Education and Growth

Of respondents who had not invested in crypto, 54% said they were interested in learning more. This presents an opportunity for education and growth in the crypto space, as more people become interested in this emerging market.

“The survey highlights the need for education and awareness about blockchain technology and cryptocurrency. As the market continues to evolve, it’s essential that investors and enthusiasts alike stay informed and up-to-date on the latest developments.”